Title
Approval of a Resolution Authorizing a Multifamily Housing Tax Agreement with Cameron Monda for 13th and Cherry Townhomes Located at 526 & 532 13th Ave SE
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Resolution authorizing a Multifamily Housing Tax Agreement with Cameron Monda for 13th and Cherry Townhomes located at 526 & 532 13th Ave SE.
Report
Issue:
Whether to approve the Resolution Authorizing a Multifamily Housing Tax Agreement with Cameron Monda for 13th and Cherry Townhomes Located at 526 & 532 13th Ave SE.
Staff Contact:
Christa Lenssen, Housing Program Specialist, City Manager's Office, 360.570.3762
Leonard Bauer, Director, Community Planning & Development, 360.753.8206
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The 13th & Cherry Townhomes at 526 13th Ave SE & 532 13th Ave SE will add 12 new units of multifamily residential housing in the Multifamily Tax Exemption Downtown Residential Target Area. The application was received by the City on September 1, 2021. Applicant Cameron Monda is seeking an eight-year tax exemption for 12 new market rate units. The tax exemption applies to all qualifying residential units for 8 years.
Background on the Multi-Family Tax Exemption in Olympia
The primary purpose of this program is to promote construction of housing in key areas of the city where we would like to incentivize housing development. State law authorizes the City of Olympia to adopt a multi-family housing tax exemption program (RCW 84.14). The program provisions under Olympia Municipal Code under 5.86 were most recently amended in 2009 to create an 8 and 12-year program for market rate and affordable housing provisions.
The property tax exemption applies to only the increased value of building housing (new construction). The exemption does not apply to the land or costs associated with any non-housing improvements. The units in ...
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